The stimulus bill, initially pushed forward by former president Barack Obama in 2009, was meant to maintain the steady growth of the economy. It was predicted by financial analysts that, provided the stimulus is used in the economy, within a span of 12 years, about $550 billion more would be generated to the economy. This could amount up to 0.30% of the gross output of the US economy. Up to 510 thousand jobs could be secured for the youth and the American citizens as a whole. Besides, the outputs and the employment complexities could be redistributed within the economy to result into favorable equity.
With the Trump’s regime, democrats have constantly been skeptical on the implementation of this bill. This is as a result of fear that president Trump might allegedly channel the tax payer’s money for personal gain and for his family. The fight has persisted for three years by now. Chuck Schumer, a minority leader, ensured that a stricter language encompassing Trump’s ban from benefiting from the stimulus bill is strictly adhered to. Fortunately, the fight has proved to bear fruits from the last senate meeting.
The stricter language used by Schumer required that all the businesses that president Trump has a hand in, 500 in number, does not benefit from the tax payer’s money. Any other business that Trump had up to 20% shares is barred from the benefits of this bill. Besides, all his family member’s businesses and even his son in law that could as well get favorable share during this period of Corona pandemic that has crippled them is excluded from the benefits. The democrats also worked to ensure that other top policy makers that could as well get disproportionate favors from the bill are excluded as well, since they realized that the vice president could as well use his office to channel tax payer’s money for personal gain.
The Corona pandemic has devastated president Trump’s businesses. His hotels that offer food and beverages have closed down and the few in business are receiving almost no customers. For instance, in Washington, Trump’s international hotel is still in business even though, it’s receiving as low as 6 percent occupancy of the rooms. The democrats argued that the small businesses that desperately need help are the ones to benefit from the bill rather than salvaging the sinking businesses of Trump through his position of office.
From the time president Trump was sworn in, it was expected that he should devest from most of his businesses since some bias from his position of power could be unavoidable, he did not rule out benefits that could accrue from bills set out by the government for his numerous businesses and the one’s for his family members and top government officials like the vice president. He has often avoided interviews that could, in some way, put him under scrutiny for abusing his position of power, yet the democrats still have constantly fought to save the painstakingly earned tax payer’s money.
President Trump in his speech, insisted in saving big companies at this grievous moment of Corona virus pandemic, despite avoiding questions targeting his self-interest since it is suspected that he is hastening the move to ensure he saves is businesses. The members of congress were also attacked by the democrats for this self-gain fight to ensure that the businesses that are greatly affected by this pandemic and are in fair thrive for help from the government are prioritized. The strict language also ensured that president Trump does not sell his shares to his family members or close friends and channel tax payer’s money to them for indirect benefits. Schumer ensured that the delay for the bill is conveniently delayed to ensure that the most accurate and stricter language is used to bar Trump completely from the bill.
In response to the scrutiny, president Trump and his associations donated 350,000 dollars to ensure he is exonerated from the blame, since the US treasury claimed that funds from foreign governments had been misused by Trump for his personal gains, it was argued as well that the foreign government officials were directed to use president Trump’s hotels, a bias as a result of his position of power. Despite that lump sum donated by Trump’s association, most of the watch dogs claims that the amount is still less than the actual amount embezzled and they ought to have paid a higher amount.
A republican Gerry Connolly, insisted that president Trump’s as a result of his conflict of interest, soils almost all the critical decisions that he makes since they appear to have been tailored for personal gain. This is because he is unwilling to commit to his expected vow to divest from his numerous businesses that is triggering people’s sensitivity and his constant abuse of tax payer’s dollar. Despite the constant efforts made by the democrats, barring him completely has proved to be a difficult task since it is evident that he’ll benefit in one way or the other especially through indirect means.
Nevertheless, the democrats are just tightening the belts to ensure that president Trump does not benefit from this period of Corona virus pandemic, this is the time to focus on the vulnerable businesses that are facing collapse and hefty losses owned by the helpless citizens of the US. It is hence expected that, president Trump takes it as his responsibility to save the economy of the US rather that leveraging the bill for personal gain such as salvaging his crippled businesses.
A unanimous approval of the bill took place even after it delayed for up to 5 days, the money allocated was $ 2 trillion. Even if it is not expected to sustain the whole economy in full employment or to maintain the steady economic growth, it will have a tangible impact to the business owners within the US. The loan will as well generate income to the government in form of increased transfer payments, besides, the longer it stays with the people, the more interest accrued which will increase the government’s revenue in the long run once all the loans are repaid in full.